Abstract
This study attempts to group investors into different segments based on their type (professional or individual investors) and, then, to examine whether there are differences in the various psychological biases and personality traits, as well as in their investment behaviour. The behavioural finance literature suggests four main factors that may influence investment behaviour: overconfidence, risk tolerance, self–monitoring and social influence. Adopting this approach, a cluster analysis of data from a representative survey of 345 investors in Greece has confirmed the existence of two main segments of investors: professionals and individuals. The results will expand investors' knowledge about the financial decision–making process and trading behaviour and will also reveal the differences in the trading behaviour between the groups of investors.
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